Anthony Miller

That's Australia, frankly.

And so people should recognise, and I think many do, is that this is an ongoing challenge globally, which is cyber war, cyber attack.

And so that is a challenge for us.

We've spent...

you know, over half a billion dollars last year on cyber fraud and scams mitigation and prevention.

And it just highlights that, you know, in this digital banking age, there's lots of advantages and attraction to digital banking services, but it does come with challenges around managing scams, frauds and cyber challenges.

And what I would say is that, you know, Australia, Australian banks working with the Australian government do work really well in holding the line and protecting Australia against that cyber threat.

And so that's part of the work that's ongoing actually.

And one of the foundations is who is responsible or who could have done more to ensure that person was not scammed.

And one of the things that I want to acknowledge with the current government is the work they've done in creating a new framework for how we manage scams and frauds in Australia.

And in particular, what they've worked on, and we've advocated strongly for this, is that the banks, together with the telcos, together with the social media platforms, are one entire ecosystem that need to work collectively together to stop...

minimise and deal with scams.

And part of the code of conduct that's being prepared and the regulations that Canberra is preparing will help identify when a particular participant in that ecosystem I've just described can and should be obligated to compensate.

It's anchored around what are the things that we commit to doing which help minimise or prevent the scam or the particular activity.

And if we've discharged that responsibility, the question is should that still fall to the bank that they compensate the customer?

And our view, and it's been one which we think everyone has agreed, that doesn't make sense.

But, of course, if we don't meet the standard we should have met, we don't follow the process that we have agreed that we would follow,

then that should fall to us in terms of compensating a particular customer affected.

But most importantly, it's so critical that the entire ecosystem is accountable.

And so therefore, social platforms alongside telcos, alongside banks, all working to stop scams is the only way we're going to have any chance of reducing and ultimately defeating scams.